A top pick is China. "Equities there trading at 9 times earnings. It is about the cheapest country in the world, other than Russia. We still believe that China can generate consistent 6+ percent GDP growth, and the country can still benefit from the productivity gains associated with continued urbanization of the population," Burns said.

He acknowledges there will still be superior growth in the developing world, but the prospects are brighter now for emerging markets.

MSCI Emerging Markets index lower on Friday, but is up nearly three percent since the beginning of the year.